Credit Suisse Group sought to arrest a collapse in investor confidence on Thursday by opening a 50-billion Swiss franc ($54-billion) credit line with the country's central bank and offering to buy back $ 3 billion of its debt, as executives and government officials plot the next steps for the troubled lender.
Shares in Credit Suisse initially surged as much as 40% before paring gains, remaining lower than Wednesday when they lost the most since the 2008 financial crisis. As analysts began to question how much time the announcement has bought, the Swiss Federal Council was setting up a special meeting for Thursday to discuss the situation.
The government, central bank and regulator Finma have been in close contact to discuss ways to stabilise Credit Suisse. Ideas floated beyond the public show of support - include a separation of the bank's Swiss unit and a long-shot orchestrated tie-up with larger Swiss rival UBS Group, people familiar with the matter said, cautioning that it's unclear which, if any, of these steps would actually be executed. Credit Suisse has not yet used the credit line at the Swiss National Bank, according to a person familiar with the matter.
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